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NOV Reports 'Softer' E&P Orders, Hit to Operations from February Freeze

NOV Reports ‘Softer’ E&P Orders, Hit to Operations from February Freeze
Operational disruptions from freezing weather in February, as well as softer-than-expected customer orders are set to weigh on first quarter results, NOV Inc. said Tuesday.
The Houston-based oilfield technology giant said severe weather during February knocked out operations in Oklahoma and Texas, two of its biggest operating regions. In addition, there has been an underwhelming number of orders by exploration and production (E&P) companies.
“Unfortunately, the extreme winter weather across Texas and Oklahoma, the ongoing effects of Covid-19 lockdowns, and the continued spending austerity from our oilfield customers are combining to take a greater-than-expected toll on our first quarter results,” said CEO Clay Williams. ....

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NOV Provides Operational Update for the First Quarter 2021

NOV Provides Operational Update for Q1 2021 ....

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